First-Time Home Buyer Tax Credit

Although the American economy and housing market took a significant hit from a variety of market forces in 2008, Texas real estate retains a better outlook than many other investments. With prices having been driven down in some promising areas, for the savvy homeowner or investor this is an ideal time to buy. Refinancing your current home can free up the funds that you need to stake a claim on your future. And for first-time home buyers, a tax credit introduced and effective throughout 2009 offers yet another significant incentive to buy now and benefit later.

If you have questions about the process or what the upside is to purchasing or refinancing in the current market, contact us through the “Quick Inquiry” form on the left. We are happy to assist you as you take a big leap forward toward genuine independence.

How the Tax Credit Works

The American Recovery and Reinvestment Act of 2009, signed into law by President Barack Obama in February, aimed to help turn around a slumping economy. One of the provisions that can offer a tangible and direct reward for the citizens who are in a position to take advantage is the inclusion of an $8,000 tax credit for first-time home buyers. Here are some key details:

• The term “first-time home buyers” is somewhat misleading, as the credit also extends to anyone who has not held ownership of a primary residence in the three year span leading up to the purchase
• The $8,000 credit can be used as a down payment on home purchases being made through FHA loans
• The credit is based on 10 % of the purchase price with an $8,000 maximum

Contact Us

Let us help you to seize the moment that has now presented itself by contacting us through the contact form on the left. We look forward to helping you on all of your Texas mortgage loan needs!